Cenovus Energy (TSE:CVE) Releases Quarterly Earnings Results

Cenovus Energy (TSE:CVE) (NYSE:CVE) posted its quarterly earnings data on Wednesday. The company reported C$1.83 EPS for the quarter, FiscalAI reports. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$15.98 billion during the quarter.

Cenovus Energy Stock Down 7.8%

CVE opened at C$39.66 on Thursday. Cenovus Energy has a fifty-two week low of C$21.62 and a fifty-two week high of C$47.46. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The company has a fifty day moving average of C$45.05 and a two-hundred day moving average of C$38.32. The stock has a market capitalization of C$73.14 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 0.09 and a beta of 0.16.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. Cenovus Energy’s payout ratio is presently 22.78%.

Insiders Place Their Bets

In related news, Director Alex Pourbaix sold 432,731 shares of Cenovus Energy stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total value of C$18,196,338.55. Following the completion of the transaction, the director owned 1,455,996 shares in the company, valued at C$61,224,631.80. The trade was a 22.91% decrease in their position. Also, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction dated Friday, August 21st. The shares were sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the completion of the transaction, the insider owned 2,114 shares of the company’s stock, valued at approximately C$94,960.88. This represents a 92.54% decrease in their position. Over the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. Company insiders own 32.03% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the topic of several analyst reports. UBS Group lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. National Bank Financial upped their price target on Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 20th. Royal Bank Of Canada increased their price objective on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Scotiabank increased their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a report on Thursday, July 30th. Finally, TD raised their price objective on Cenovus Energy from C$49.00 to C$50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of C$46.75.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.